Charitable Giving

A charitable contribution is when you donate money (which can include securities or business ownership interests), goods or services to an organization and deduct the market value of this contribution on your income tax return.

Life insurance is often used in conjunction with charitable giving. But even when this is not the case, there are creative techniques that can be applied to charitable giving. When it comes to charitable giving, we have the knowledge and resources to help you make informative decisions with confidence.

Items We Address

Charitable giving overview

Rules for deducting charitable contributions

Gift of life insurance policy

The capital-replacement technique in which life insurance replaces assets committed to charity (AKA wealth replacement)

Income tax charitable deduction

Charitable remainder annuity trust vs. unitrust

Charitable pooled income funds

Charitable gifts of remainder interest in personal residences and farms

Charitable gift annuities

Charitable lead trusts

Charitable giving and retirement assets

Converting an asset to an income stream with a CRT

Supplementing retirement income with a CRT

Charitable gifts to public charities and private foundations

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Midwest Legacy Group is not an affiliate of OneAmerica Securities or the companies of OneAmerica and is not a broker dealer or Registered Investment Advisor.

Midwest Legacy Group is authorized to conduct life insurance and securities business in Illinois and may be licensed in other states. Midwest Legacy Group cannot conduct life insurance or securities business in states in which we are not licensed.

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Provided content is for overview and informational purposes only and is not intended and should not be relied upon as individualized tax, legal, fiduciary, or investment advice. Neither OneAmerica Securities, the companies of OneAmerica, Midwest Legacy Group, nor their representatives provide tax or legal advice. For answers to specific questions and before making any decisions, please consult a qualified attorney or tax advisor.

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